Your High School Graduating Class Rank Is an Example of an Ordinal

question 111

True/False

Your high school graduating class rank is an example of an ordinal scale.

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Definitions:

Absorption Costing

In this accounting procedure, the full scope of manufacturing costs, covering direct materials, direct labor, and both kinds of manufacturing overhead—variable and fixed—is accounted for in the product's pricing.

Ending Inventory

The total value of goods available for sale at the end of an accounting period.

Contribution Margin

The amount remaining from sales revenue after variable expenses have been deducted; this contribution covers fixed expenses and generates profit.

Absorption Costing

An accounting method that includes all direct costs and allocated overheads in the cost of a product or service, as opposed to variable costing which excludes certain overheads.